UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest
event reported): MARCH 13, 2009
NN,
INC.
(Exact name of registrant as specified in its
charter)
| Delaware | 0-23486 | 62-1096725 |
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
2000 Waters Edge Drive
Johnson City, Tennessee
|
37604 | |
|
(Address of
principal executive offices)
|
(Zip
Code)
|
Registrant's telephone number, including area
code: (423)743-9151
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the obligation of the
registrant under any of the following provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17CFT
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17CFT 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFT
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13c-4(c) under the Exchange Act (17CFT
240.13c-4(c))
ITEM 2.03 CREATION OF A DIRECT
FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF
A REGISTRANT.
NN,
Inc. has amended and restated its two current credit
facilities.
On March
13, 2009, the Company amended and restated its current revolving
credit facility with Key Bank as the administrative agent. At that
time, it also amended and restated the terms of the agreement for its
senior notes. These facilities were revised to change certain
financial covenants to reflect current economic and business conditions and to
assure the availability of credit for NN.
The $90
million revised syndicated credit agreement which expires in September 2011
provides for the borrowing of available funds by the Company’s domestic and
European subsidiaries and is collateralized by assets of the Company in addition
to pledges of stock and guarantees of its domestic and foreign
subsidiaries. The loan agreements contain customary covenants
including restrictions on payments for dividends, capital expenditures and stock
repurchases. The revolving loan agreement carries a revised interest
rate of LIBOR plus 4% and the senior notes which are due in April 2014, carry a
revised interest rate of 8.5%. At current interest rates, this yields
a blended interest rate of approximately 6%.
Exhibit:
Exhibit
Number Description of Exhibit
99.1 Press
Release of NN, Inc. dated March 16, 2009.
99.2 NN, Inc. $90,000,000
8.50% Senior Notes, Series A, due April 26, 2014 and Uncommitted Shelf Facility
Second Amended and Restated Note Purchase and
Shelf Agreement
dated March 13, 2009
99.3
NN, Inc. Amended and Restated Credit agreement among NN, Inc. as US Borrower and
The Foreign Borrowers named herein as Lenders, Keybank
National
Association as Lead Arranger, Book Runner and Administrative Agent and
Regions Bank as Swing Line Lender dated as of
September 21, 2006,
as amended and restated as of March 13, 2009.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
| NN, INC. | |||
|
Date: March
16, 2009
|
By:
|
/s/ William C. Kelly, Jr. | |
| Name : William C. Kelly, Jr. | |||
| Title : Vice President and Chief Administrative Officer | |||